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shanewugden7362
18.05.2021 •
Business
g During a pandemic, it may be social-welfare-improving to pay bars and restaurants not to operate. Explain how this policy corrects a market failure posed by the unregulated operation of these establishments during a pandemic
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Ответ:
In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward. Let us see the features of labour as a factor of production.
Explanation:
Resources required for generation of goods or services, generally classified into four major groups:
Land (including all natural resources),
Labor (including all human resources),
Capital (including all man-made resources), and.
Enterprise (which brings all the previous resources together for production).